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11/21/2017

  • 11/21/2017

    November 21 Daily Markets Update

    LIVESTOCK:

    February live cattle closed up $1.40 at$124.42 today. Prices closed nearer the session high onshort covering after hitting a three-week low on Monday.The cattle market bulls have the overall near-termtechnical advantage but have faded and it appears a near-

    term market top is in place. Bulls’ next upside priceobjective is to push and close prices above solidresistance at $128.00. The next downside technical breakoutobjective for the bears is pushing and closing prices belowsolid technical support at $118.00. First resistance isseen at $125.00 and then at $126.00. First support is seenat this week’s low of $122.65 and then at $122.00.

    January feeder cattle closed up $1.95 at $151.50 today.Prices closed nearer the session high on short coveringafter hitting a four-week low on Monday. The cattle marketbulls have the overall near-term technical advantage buthave faded recently. The next upside price objective forthe feeder bulls is to push and close prices abovetechnical resistance at $157.50. The next downside pricebreakout objective for the bears is to push and closeprices below solid technical support at the October low of$148.17. First resistance is seen at today’s high of$152.05 and then at $153.00. First support is seen at$150.00 and then at this week’s low of $149.30.

    February lean hogs closed down $1.15 at $67.35 today.Prices closed nearer the session low today and scored abearish “outside day” down on the daily bar chart. Bullsand bears are on a level overall near-term technicalplaying field. The next upside price breakout objective forthe hog bulls is to push and close prices above solid chartresistance at the November high of $73.30. The nextdownside price breakout objective for the bears is pushingprices below solid technical support at $64.00. Firstresistance is seen at $68.00 and then at today’s high of$69.30. First support is seen at today’s low of $66.80 andthen at last week’s low of $66.25.

    GRAINS:

    March corn futures closed down 1/4 cent at $3.561/4 today. Prices closed nearer the session high today. Thecorn bears have the firm overall near-term technicaladvantage. However, after last Friday’s bullish weekly highclose, more price gains this week would hint that a marketbottom is in place. The next upside price objective for thebulls is to push and close prices above solid technicalresistance at $3.65. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid support at the contract low of $3.48 3/4. Firstresistance is seen at this week’s high of $3.57 and then at$3.60. First support is seen at this week’s low of $3.531/4 and then at $3.50.

    January soybeans closed down 1 1/2 cents at $9.88 1/2 abushel today. Prices closed near mid-range today. The beanbulls and bears are on a level overall near-term technicalplaying field. The next near-term upside technical breakoutobjective for the soybean bulls is pushing and closingprices above solid resistance at $10.00 a bushel. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at theOctober low of $9.63 1/4. First resistance is seen at lastweek’s high of $9.92 and then at $10.00. First support isseen at this week’s low of $9.83 and then at the Novemberlow of $9.67.

    March soybean meal closed down $1.60 at $323.70 today.Prices closed near mid-range today. The meal bulls andbears are on a level overall near-term technical playingfield. The next upside price breakout objective for thebulls is to produce a close above solid technicalresistance at the October high of $334.50. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at$315.00. First resistance comes in at today’s high of$325.30 and then at the November high of $327.00. Firstsupport is seen at today’s low of $322.40 and then at thisweek’s low of $320.70.

    March bean oil closed up 19 points at 34.52 cents today.Prices closed near mid-range today. The bulls and bears areon a level overall near-term technical playing field. Abearish head-and-shoulders top formation has formed on thedaily bar chart. The next upside price breakout objectivefor the bean oil bulls is pushing and closing prices abovesolid technical resistance at the November high of 35.80cents. Bean oil bears’ next downside technical pricebreakout objective is pushing and closing prices belowsolid technical support at 33.00 cents. First resistance isseen at this week’s high of 34.77 cents and then at 35.00cents. First support is seen at today’s low of 34.29 centsand then at this week’s low of 34.06 cents.

    March Chicago SRW wheat closed up 2 1/4 cents at $4.40 3/4today. Prices closed near mid-range. The bears have thesolid overall near-term technical advantage. Wheat bulls’next upside breakout objective is to push and close ChicagoSRW prices above solid technical resistance at $4.65. Thenext downside price breakout objective for the wheatfutures bears is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen attoday’s high of $4.45 and then at $4.50. First support isseen at this week’s low of $4.36 and then at the contractlow of $4.33 3/4.

    March HRW wheat closed up 3 3/4 cents at $4.37 1/2 today.Prices closed near mid-range today. The bears have thesolid overall near-term technical advantage. Bulls’ nextupside price breakout objective is pushing and closingprices above solid technical resistance at the Septemberhigh of $4.77 1/2. The bears’ next downside breakoutobjective is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen attoday’s high of $4.41 1/2 and then at $4.45 3/4. Firstsupport is seen at the contract low of $4.31 1/4 and thenat $4.25.

    SOFTS:

    March sugar closed down 10 points at 14.88 centstoday. Prices closed near mid-range on more profit takingafter hitting a 3.5-month high last Friday. The sugar bullsstill have the slight overall near-term technicaladvantage. Prices are still in a four-week-old uptrend onthe daily bar chart, but now just barely. Bulls’ nextupside price breakout objective is to push and close pricesabove solid technical resistance at the August high of15.82 cents. Bears’ next downside price breakout objectiveis to push and close prices below solid technical supportat the November low of 14.15 cents. First resistance isseen at today’s high of 15.07 cents and then at this week’shigh of 15.30 cents. First support is seen at today’s lowof 14.73 cents and then at 14.50 cents.

    March coffee closed up 95 points at 126.70 cents today.Prices closed near mid-range and saw short covering in abear market. The coffee bears have the solid overall near-

    term technical advantage. The next upside breakoutobjective for the bulls is to close prices above solidtechnical resistance at the October high of 135.00 cents.The next downside price breakout objective for the bears isclosing prices below solid technical support at the Junelow of 122.65 cents a pound. First resistance is seen attoday’s high of 128.35 cents and then at 130.00 cents.First support is seen at the November low of 124.80 centsand then at 122.65 cents.

    March cocoa closed up $18 at $2,107 a ton today. Pricesclosed nearer the session high. The cocoa bulls have theoverall near-term technical advantage. Prices are in athree-month-old downtrend on the daily bar chart. The nextupside price breakout objective for the cocoa bulls is topush and close prices above solid technical resistance atthe November high of $2,226. The next downside pricebreakout objective for the bears is pushing and closingprices below solid technical support at the November low of$2,032. First resistance is seen at this week’s high of$2,121 and then at $2,150. First support is seen at thisweek’s low of $2,081 and then at $2,050.

    March cotton closed down 86 points at 69.99 cents today.Prices closed nearer the session low on profit taking afterhitting a nine-week high early on today. The cotton bullshave the overall near-term technical advantage. Prices arein a four-week-old uptrend on the daily bar chart. The nextupside price breakout objective for the cotton bulls is toproduce a close above solid technical resistance at theSeptember high of 74.20 cents. The next downside pricebreakout objective for the cotton bears is to push andclose prices below solid technical support at last week’slow of 68.62 cents. First resistance is seen at 70.50 centsand then at 71.00 cents. First support is seen at thisweek’s low of 69.41 cents and then at 69.00 cents.

    January orange juice closed down 60 points at $1.6670today. Prices closed near mid-range today. Bulls have thesolid overall near-term technical advantage. The nextupside price breakout objective for the COJ bulls ispushing and closing prices above technical resistance atthe November high of $1.6950. The next downside technicalbreakout objective for the FCOJ bears is to produce a closebelow solid technical support at $1.4940. First resistanceis seen at today’s high of $1.6820 and then at $1.6950.First support is seen at $1.6500 and then at $1.6200.

    January lumber futures closed up $1.60 at $431.30 today.Prices closed nearer the session high after hitting athree-week low early on. The bulls still have the overallnear-term technical advantage but have faded to suggest amarket top is in place. The next downside technicalbreakout objective for the lumber bears is pushing andclosing prices below solid technical support at $415.00.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat $450.00. First resistance is seen at $435.00 and then at$440.00. First support is seen at today’s low of $425.00and then at $420.00.

    METALS:

    December gold futures closed up $6.70 at$1,282.00. Prices closed nearer the session high today on acorrective bounce from strong selling pressure seen Monday.Prices are in a sideways and choppy trading range on thedaily bar chart. Bulls and bears are on a level overallnear-term technical playing field. Gold bulls’ next upsidenear-term price breakout objective is to produce a closeabove solid technical resistance at $1,300.00. Bears’ nextnear-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at today’s high of$1,284.50 and then at $1,290.00. First support is seen atMonday’s low of $1,274.10 and then at last week’s low of$1,269.70.

    December silver futures closed up $0.123 at $16.965 today.Prices closed near mid-range today on a mild bounce afterstrong selling pressure seen Monday. The silver bulls andbears are on a level overall near-term technical playingfield. Silver bulls’ next upside price breakout objectiveis closing prices above solid technical resistance at$17.50 an ounce. The next downside price breakout objectivefor the bears is closing prices below solid support at theOctober low of $16.345. First resistance is seen at today’shigh of $17.35 and then at $17.25. Next support is seen atMonday’s low of $16.82 and then at $16.60.

    December N.Y. copper closed up 330 points at 312.60 centstoday. Prices closed near the session high today. Thecopper bulls have the overall near-term technicaladvantage. Copper bulls’ next upside price objective ispushing and closing prices above solid technical resistanceat the September high of 317.85 cents. The next downsideprice objective for the bears is closing prices below solidtechnical support at 300.00 cents. First resistance is seenat 313.65 cents and then at 315.00 cents. First support isseen at 310.00 cents and then at today’s low of 307.95cents.

    ENERGIES:

    January Nymex crude oil closed up $0.30 at$56.72 today. Prices closed near mid-range today. The bullshave the overall level near-term technical advantage. Thenext near-term upside price breakout objective for thecrude oil bulls is pushing prices above resistance at theJanuary high of $58.21. The next near-term downside pricebreakout objective for the crude oil bears is to produce aclose below solid technical support at $54.00. Firstresistance is seen at today’s high of $57.22 and then at$57.50. First support is seen at today’s low of $56.32 andthen at $56.00.

    January heating oil closed down 32 points at $1.9311 today.Prices closed nearer the session low today. The bulls havethe solid overall near-term technical advantage. The bulls’next upside price breakout objective is closing pricesabove solid technical resistance at $2.0000. Bears’ nextdownside price breakout objective is producing a closebelow solid technical support at $1.8500. First supportlies at this week’s low of $1.9081 and then at last week’slow of $1.8870. First resistance is seen at the contracthigh of $1.9584 and then at $1.9800.

    January (RBOB) unleaded gasoline closed up 211 points at$1.7589 today. Prices closed near the session high today.The bulls have the overall near-term technical advantage.The next upside price breakout objective for the bulls isclosing prices above solid technical resistance at $1.9000.Bears’ next downside price breakout objective is closingprices below solid support at $1.7000. First resistance isseen at $1.7744 and then at the November high of $1.8151.First support is seen at the last week’s low of $1.7106 andthen at $1.7000.

    January natural gas closed down 3.0 cents at $3.11 today.Prices closed nearer the session low. Bears have the firmoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $3.35. The nextdownside price breakout objective for the bears is closingprices below solid technical support at the November low of$2.983. First resistance is seen at this week’s high of$3.179 and then at $3.20. First support is seen at $3.10and then at $2.95.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Eurocurrency closed up 12 points at 1.1761 today. Prices closednearer the session high. The bulls and bears are on a leveloverall near-term technical playing field. Euro bulls’ nextupside price breakout objective is pushing and closingprices above solid technical resistance at the October highof 1.1921. The next downside price breakout objective forthe bears is closing prices below solid chart support atthe November low of 1.1578. First resistance for the Eurolies at 1.1800 and then at this week’s high of 1.1826. Nextsupport is seen at today’s low of 1.1728 and then at1.1700.

    The December Japanese yen closed up 240 points at .89085today. Prices closed near mid-range today. Bears have theoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen atthis week’s high of .89485 and then at .90000. Firstsupport is seen at this week’s low of .88810 and then at.88500.

    The December Swiss franc closed up 15 points at 1.0100today. Prices closed near mid-range. The Swissy bears havethe overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at 1.0300. The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at the November low of .9991. Firstresistance is seen at this week’s high of 1.0140 and thenat the November high of 1.0176. First support is seen attoday’s low of 1.0069 and then at last week’s low of1.0034.

    The December Australian dollar closed up 32 points at .7576today. Prices closed nearer the session high and scored abullish “outside day” up after hitting a five-month lowearly on today. The bears have the firm overall near-termtechnical advantage. Prices have been trending lower for2.5 months. Bulls’ next upside price breakout objective isclosing prices above solid chart resistance at .7750. Thenext downside breakout objective for the bears is toproduce a close below solid technical support at .7400.First resistance is seen at today’s high of .7588 and thenat .7600. Next support is seen at today’s low of .7530 andthen at .7500.

    The December Canadian dollar closed up 18 points at .7827today. Prices closed nearer the session high today on shortcovering. Bears have the overall near-term technicaladvantage. Prices are in a 2.5-month-old downtrend on thedaily bar chart. Bulls’ next upside price breakoutobjective is producing a close above chart resistance at.8000. The next downside price breakout objective for thebears is closing prices below solid technical support at.7650. First resistance is seen at today’s high of .7845and then at .7900. First support is seen at today’s low of.7792 and then at the November low of .7745.

    The December British pound closed down 3 points at 1.3244today. Prices closed near mid-range today. The bulls andbears are on a level overall near-term technical playingfield amid a choppy trading range. The next upside pricebreakout objective for the bulls is closing prices abovesolid technical resistance at the October high of 1.3363.Bears’ next downside technical breakout objective isclosing prices below solid support at 1.2900. Firstresistance is seen at this week’s high of 1.3290 and thenat 1.3338. First support is seen at this week’s low of1.3196 and then at 1.3145.

    The December U.S. dollar index closed down 0.107 at 93.890today. Prices closed nearer the session low today. Thebulls and bears are on a level overall near-term technicalplaying field. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at the November high of 95.070. The nextdownside price breakout objective for the bears is toproduce a close below solid technical support at theOctober low of 92.590. Next resistance lies at 94.250 andthen at 94.500. First support is seen at this week’s low of93.485 and the at the November low of 93.305.

    December U.S. T-Bonds closed up 18/32 at 154 7/32 today.Prices closed near mid-range. Bond market bulls and bearsare on a level overall near-term technical playing field.The next downside price breakout objective for the T-Bondbears is closing prices below solid technical support atthe October low of 150 10/32. The next upside technicalobjective for the bulls is to produce a close above solidtechnical resistance at the November high of 154 26/32.First resistance is seen at today’s high of 154 22/32 andthen at 154 26/32. First support is seen at this week’s lowof 153 19/32 and then at 153 3/32.

    December U.S. T Notes closed up 1.0 (32nds) at 124.23.0today. Prices closed nearer the session low today. Thebears have the overall near-term technical advantage. Thenext upside price breakout objective for the bulls isclosing prices above solid resistance at the October highof 125.25.5. The next downside price breakout objective forthe bears is producing a close below solid technicalsupport at the October low of 124.06.0. First resistance isseen at today’s high of 124.29.5 and then at 125.00.0.First support is seen at today’s low of 124.19.0 and thenat the November low of 124.16.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closedhigher and hit record highs today. Many overseas marketswere still reacting somewhat to the failed efforts byGerman Chancellor Angela Merkel to form a coalitiongovernment on Sunday. Reports late Monday said Merkel wouldrather hold another election than form a coalition. Thishas created uncertainty in world markets but especially inthe European markets. The European Union’s largest economyappears to be in leadership crisis. The important outsidemarkets on Tuesday saw the U.S. dollar index slightlylower. The greenback bulls still have the slight overallnear-term technical advantage. Meantime, Nymex crude oilfutures prices were slightly higher. Oil bulls still havethe overall near-term technical advantage, but stiff chartresistance layers lie just above the market. Traders arelooking ahead to next week’s OPEC meeting. Look for tradingactivity in many markets start to taper off later today andthe rest of this week, ahead of the U.S.

    The December Nasdaq 100 stock index futures closed up 63.75at 6,379.75. Prices closed near the session high and hit acontract and record high today. The bulls have the solidoverall near-term technical advantage and gained more powertoday. Bulls’ next upside price breakout objective isclosing prices above solid resistance at 6,500.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,230.00. Firstresistance is seen at the contract high of 6,385.25 andthen at 6,400.00. First support is seen at 6,358.50 andthen at today’s low of 6,311.25.

    The December e-mini S&P 500 futures stock index futuresclosed up 14.75 at 2,596.75. Prices closed nearer thesession high and hit a contract and record high today. Thebulls have the solid overall near-term technical advantageand gained more power today. Bulls’ next upside priceobjective is closing prices above solid resistance at2,650.00. The next downside price breakout objective forthe bears is closing prices below solid support at theNovember low of 2,555.50. First resistance is seen attoday’s contract high of 2,600.50 and then at 2,615.00.First support is seen at today’s low of 2,579.25 and thenat this week’s low of 2,567.75.

    *  Disclaimer: there is a substantial risk of loss in futures and options trading.

    ** This newsletter was created by a 3rd party and Go Futures does not endorse, approve, certify, or control these contributions and does not guarantee the accuracy, completeness, efficacy, or timeliness of information located within. Use of any information obtained from such sites is voluntary, and reliance on it should only be undertaken after an independent review by qualified experts. Reference therein to any specific commercial product, process or service does not constitute or imply endorsement.

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